Starwood-Marriott Merger to Close This Week, Creating World’s Largest Hotelier

By Paul Riegler on 20 September 2016
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DSC_0373Marriott International announced Tuesday that its planned merger with Starwood Hotels and Resorts had cleared its final hurdle – approval by Chinese regulators – and would close by Friday.

The combined entity will be the world’s largest hotelier.

“I know we’ll do great things together as The World’s Favorite Travel Company,” said Arne Sorenson, Marriott’s CEO, at the time the merger was announced.

Under the terms of the merger agreement, Starwood shareholders will receive $21 in cash and 0.8 shares of Marriott stock for each share of Starwood stock held. Starwood shares will be delisted from the New York Stock Exchange before markets open Friday.

The deal was first announced late last year and was delayed by a bidding war instigated by a Chinese insurance concern.

The combined company will have over 1.1 million rooms in more than 5,500 hotels in 100 countries.

(Photo: Accura Media Group)

Accura News

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